BC Assessment is like a real estate report card for properties in British Columbia. It’s an independent organization responsible for determining the assessed value of all properties in the province. This assessed value is used by municipalities to calculate property taxes.

The BC Assessment value does not always equal the market value of a property. BC Assessment determines the value of a property based on factors like size, location, age, and condition, using a standardized approach across the province without entering the property to evaluate the interior. The assessed value is an estimate of the property’s market value as of July 1st of the previous year, rather than the current market value.

Market value, on the other hand, is the price that a willing buyer and seller would agree upon in an open and competitive market. It can fluctuate based on various factors, such as changes in the local real estate market, economic conditions, property improvements, and buyer demand.

Property owners and buyers should consider both the assessed value and current market conditions when evaluating the value of a property. Professional appraisals and market research can also provide additional insights into a property’s market value.